What is the treatment of compensation received on account of compulsory acquisition of land not an agricultural land ?
kindly tell me treatment to be given while filing return of income for amount received in financial year 2017-18 on account of compensation received from compulsory acquisition of land being not an agricultural land.
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treatment of compensation on account of compulsory acquisition of land
Replies (4)
After the implementation of the RFCTLARR act, 2013; all the land aquisition under section 96 of the act are tax-exempt under income tax.
acts-rules-policiesacts/acts
Incometax circular no .36/2016
| Originally posted by : Dhirajlal Rambhia | ||
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After the implementation of the RFCTLARR act, 2013; all the land aquisition under section 96 of the act are tax-exempt under income tax. acts-rules-policiesacts/acts Incometax circular no .36/2016 |
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Sir is compensation received for House property also exempt?
Yes, if acquired under the act.
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